{"id":32575,"date":"2025-06-25T19:24:02","date_gmt":"2025-06-25T19:24:02","guid":{"rendered":"https:\/\/financialrush.com\/?p=32575"},"modified":"2025-06-25T19:24:02","modified_gmt":"2025-06-25T19:24:02","slug":"wall-street-reels-from-zohran-mamdanis-victory-in-new-york-mayoral-primary","status":"publish","type":"post","link":"https:\/\/financialrush.com\/?p=32575","title":{"rendered":"Wall Street reels from Zohran Mamdani\u2019s victory in New York mayoral primary"},"content":{"rendered":"<p> \n<\/p>\n<div>\n<p>Unlock the White House Watch newsletter for free<\/p>\n<p class=\"article__content-sign-up-topic-description o3-type-body-base\">Your guide to what Trump\u2019s second term means for Washington, business and the world<\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=9a9bb34d-d836-4c30-8e40-480adda75766&amp;newsletter-id=65b8fec772badb00166eafc6\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Panicked Wall Street financiers are racing to rally behind an \u201canyone-but-Mamdani\u201d candidate for New York City mayor after 33-year-old democratic socialist Zohran Mamdani unexpectedly clinched the Democratic nomination on Tuesday.\u00a0\u00a0<\/p>\n<p>Within hours of the primary result, <a href=\"https:\/\/www.ft.com\/hedge-funds\" data-trackable=\"link\">hedge fund<\/a> investors, private equity titans, corporate lawyers and investment bankers called and texted each other to find the best way to back a centrist challenger ahead of the November vote, according to people involved in the discussions.<\/p>\n<p>The financiers are gaming whether Andrew Cuomo, the former New York governor who lost to Mamdani but who could still run as an independent, or Eric Adams, the current mayor, would be the best candidate to back. Adams, who had a federal corruption indictment dismissed by the administration of President Donald Trump earlier this year, is running as an independent.\u00a0\u00a0<\/p>\n<p>\u201cThe response from the business community is going to depend on Mamdani clarifying his positions on Israel and taxes and his support for the business community,\u201d said Kathryn Wylde, who leads Partnership for New York City, a top advocacy group for the city\u2019s corporate elite.<\/p>\n<figure class=\"n-content-image n-content-image--full\" data-component=\"image-set\"><picture><source media=\"(min-width: 700px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3Aaa664452-ccc5-4430-9a0a-908e8e7057be?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3Aaa664452-ccc5-4430-9a0a-908e8e7057be?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=2 2x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3Aaa664452-ccc5-4430-9a0a-908e8e7057be?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=3 3x\" width=\"2209\" height=\"1474\"\/><source media=\"(max-width: 490px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A3d0244c9-3462-49e8-97da-6e29e4aa5e59?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=490&amp;dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A3d0244c9-3462-49e8-97da-6e29e4aa5e59?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=490&amp;dpr=2 2x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A3d0244c9-3462-49e8-97da-6e29e4aa5e59?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=490&amp;dpr=3 3x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A3d0244c9-3462-49e8-97da-6e29e4aa5e59?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=490&amp;dpr=4 4x\" width=\"2012\" height=\"1527\"\/><\/picture><figcaption class=\"n-content-picture__caption o3-editorial-typography-caption\"><span>Members of the business community donated more than $30mn to support Andrew Cuomo in the Democratic primary<\/span><span> <!-- -->\u00a9 Adam Gray\/Bloomberg<\/span><\/figcaption><\/figure>\n<p>She added that a formal response from <a href=\"https:\/\/www.ft.com\/new-york-city\" data-trackable=\"link\">New York<\/a> titans to the shock primary result would come after \u201cthe dust settles\u201d. <\/p>\n<p>Whoever clinches the Democratic primary is typically the favourite to win the general election in November. <\/p>\n<p>Convinced that a Mamdani administration would boost New York\u2019s already high tax rates and force the wealthy to relocate away from the city, members of the business community donated more than $30mn to support Cuomo in the Democratic primary.\u00a0<\/p>\n<p>In the wake of the former governor\u2019s loss, there was a sense among New York\u2019s financiers that Mamdani\u2019s momentum must be swiftly quashed.\u00a0Since his victory was announced, they had been busy sketching out plans to spend tens of millions dollars more to fund a new media blitz and a citywide ground operation to counter the young candidate\u2019s campaign for November\u2019s vote, said people familiar with the effort.\u00a0<\/p>\n<figure class=\"n-content-image n-content-image--full\" data-component=\"image-set\"><picture><source media=\"(min-width: 700px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A29347e48-fcf2-404d-97a0-abf868940d41?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A29347e48-fcf2-404d-97a0-abf868940d41?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=2 2x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A29347e48-fcf2-404d-97a0-abf868940d41?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=3 3x\" width=\"2290\" height=\"1526\"\/><source media=\"(max-width: 490px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A047e5f0f-aa83-47a9-a49d-b642a108f399?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=490&amp;dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A047e5f0f-aa83-47a9-a49d-b642a108f399?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=490&amp;dpr=2 2x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A047e5f0f-aa83-47a9-a49d-b642a108f399?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=490&amp;dpr=3 3x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A047e5f0f-aa83-47a9-a49d-b642a108f399?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=490&amp;dpr=4 4x\" width=\"2240\" height=\"1526\"\/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F29347e48-fcf2-404d-97a0-abf868940d41.jpg?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=1\" alt=\"New York Mayor Eric Adams \" data-image-type=\"image\" width=\"2290\" height=\"1526\" loading=\"lazy\"\/><\/picture><figcaption class=\"n-content-picture__caption o3-editorial-typography-caption\"><span>Mayor Eric Adams is running as an independent<\/span><span> <!-- -->\u00a9 Michael M Santiago\/Getty Images<\/span><\/figcaption><\/figure>\n<p>Mamdani has called for raising New York\u2019s corporate tax rate to 11.5 per cent from 7.25 per cent and adding a 2 per cent income tax surcharge for individuals earning more than $1mn. <\/p>\n<p>His campaign estimates this would raise about $10bn to pay for pledges including free bus service and universal childcare \u2014 although any such increases would require approval by the state legislature.<\/p>\n<p>\u201cBetween [Cuomo and Adams], either would be better than Mamdani,\u201d said the leader of a New York bank, though many others hoped that only one would run so they would not cannibalise each other\u2019s votes. <\/p>\n<p>Others said that unless a moderate candidate became mayor many wealthy New Yorkers would flee, eroding the taxpayer base.<\/p>\n<p>\u201cIf the tax base erodes, and Jamie Dimon starts moving folks to Texas, and Citadel keeps shifting to Florida \u2014 that\u2019s the direction we\u2019re heading,\u201d said another banker, referring to the JPMorgan chief executive. <\/p>\n<figure class=\"n-content-image n-content-image--full\" data-component=\"image-set\"><picture><source media=\"(min-width: 700px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A7e67025f-15ee-4062-bb4b-ce76ca1cbdcd?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A7e67025f-15ee-4062-bb4b-ce76ca1cbdcd?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=2 2x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3A7e67025f-15ee-4062-bb4b-ce76ca1cbdcd?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=3 3x\" width=\"2290\" height=\"1527\"\/><source media=\"(max-width: 490px)\" srcset=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3Ac6de13c6-cf3a-49c3-b756-7e12b7ba2740?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=490&amp;dpr=1 1x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3Ac6de13c6-cf3a-49c3-b756-7e12b7ba2740?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=490&amp;dpr=2 2x,https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/ftcms%3Ac6de13c6-cf3a-49c3-b756-7e12b7ba2740?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=490&amp;dpr=3 3x\" width=\"1527\" height=\"1527\"\/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F7e67025f-15ee-4062-bb4b-ce76ca1cbdcd.jpg?source=next-article&amp;fit=scale-down&amp;quality=highest&amp;width=700&amp;dpr=1\" alt=\"Supporters of Democratic mayoral candidate Zohran Mamdani cheer\" data-image-type=\"image\" width=\"2290\" height=\"1527\" loading=\"lazy\"\/><\/picture><figcaption class=\"n-content-picture__caption o3-editorial-typography-caption\"><span> Mamdani\u2019s primary election victory party<\/span><span> <!-- -->\u00a9 Heather Khalifa\/AP<\/span><\/figcaption><\/figure>\n<p>A small group of billionaire hedge fund managers, including Bill Ackman and Dan Loeb, have been particularly vocal about their opposition to Mamdani. <\/p>\n<p>In posts on X on Tuesday and Wednesday they theorised about how he could be defeated in the November election. Loeb wrote that \u201cseveral New York City mayors have run (and won) outside traditional two-party lines\u201d.\u00a0<\/p>\n<p>But one Wall Street investment banking CEO dismissed fears that businesses would flee if Mamdani won in November.<\/p>\n<p>\u201cThe city seems to be thriving for people with money. My sense is that this election indicates a backlash against the old, established and rich, and maybe against Trump, since he and his crowd are all of those,\u201d said the CEO.<\/p>\n<p>The triumph of Mamdani\u2019s campaign against the preferences of the city\u2019s elite was a favourite theme at his election night party in Queens, and his jubilant supporters are certain they can beat better funded opponents.<\/p>\n<p>\u201cThe billionaires are watching this moment,\u201d New York congresswoman Nydia Vel\u00e1zquez said in a speech at Mamdani\u2019s event. \u201cThey\u2019re going to spend everything they\u2019ve got to stop Zohran. Why? Because they know this campaign threatens business as usual, and they are scared.\u201d\u00a0<\/p>\n<\/div>\n\n<br \/><a href=\"https:\/\/www.ft.com\/content\/9a9bb34d-d836-4c30-8e40-480adda75766\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Unlock the White House Watch newsletter for free Your guide to what Trump\u2019s second term means for Washington,&hellip;\n","protected":false},"author":5,"featured_media":32576,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-32575","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/32575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32575"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/32575\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/32576"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}